REG - SIMEC AtlantisEnergy - Adoption of new LTIP & Grant of LTIP/CSOP options
03/01/2024 14:15
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RNS Number : 5591Y SIMEC Atlantis Energy Limited 03 January 2024
3 January 2024
SIMEC Atlantis Energy Limited
("SAE Renewables", "SAE" or the "Company")
Adoption of new LTIP and Grant of LTIP and CSOP options
SAE announces that that the Company's Remuneration Committee has approved the
adoption of a new long term incentive plan ("LTIP"), following expiry of the
previous LTIP on 10 December 2023 after a ten-year term. Share option awards
under the new LTIP are to be made to key members of SAE's management team
including certain of its persons discharging managerial responsibilities
("PDMRs"), in line with the Board's view that it is essential for the
Company's executive directors and employees to be incentivised to drive the
business forwards, and provide alignment of interest with those of
shareholders. Share option awards under the LTIP will ordinarily vest over
three years after the grant date subject to the grantee's continued service,
and are exercisable for seven years thereafter. Total aggregate awards under
the CSOP and LTIP are limited to a maximum 10% of the Company's issued share
capital.
Grant of LTIP Options
On 3 January 2024 under the terms of the Company's new LTIP, the Board
approved the award and grant of, in aggregate, 10,300,000 options over
ordinary shares in the Company ("LTIP Options") to the executive directors and
a PDMR, as follows:
Name Position LTIP Options awarded
Graham Reid CEO 5,000,000
Simon Hirst CFO 2,200,000
David Taaffe COO (non-Board, PDMR) 3,100,000
The LTIP Options have been granted subject to continued employment and will
vest in three equal annual instalments commencing on the first anniversary of
the date of grant. The LTIP Options are exercisable, subject to vesting, for
ten years after grant. There are no further performance conditions. The
options have an exercise price of 1.5p being the closing price of the
Company's ordinary shares on 2 January 2024, being the last dealing day
immediately prior to the date of grant.
Additionally, certain members of SAE's executive senior management have
surrendered a total 4,550,000 previously-granted LTIP options with exercise
prices ranging from 20p to 50p, which are not being replaced.
Grant of CSOP Options
On 3 January 2024, under the terms of the Company's CSOP, the Board approved
the award and grant of, in aggregate, 9,135,947 options over ordinary shares
in the Company ("CSOP Options"), including to the executive directors and a
PDMR, as follows:
Name Position CSOP Options awarded
Graham Reid CEO 1,000,000
Simon Hirst CFO 1,000,000
David Taaffe COO (non-Board, PDMR) 1,000,000
The CSOP Options vest on the third anniversary of grant and are exercisable
for seven years thereafter at 1.5p per ordinary share, being the closing price
of the Company's ordinary shares on 2 January 2024, being the last dealing day
immediately prior to the date of grant.
Following the grant of the above options, the total number of options granted
under the Company's CSOP and LTIP schemes is 64,790,643, representing 8.96% of
the Company's existing issued share capital.
For further information, please contact:
SAE Renewables +44 (0)7739 832 446
Sean Parsons, Director of External Affair
Strand Hanson Limited (Nominated and Financial Adviser) +44 (0)20 7409 3494
Richard Johnson
Rory Murphy
David Asquith
Zeus Capital Limited (Broker) +44 (0)20 3829 5000
Louisa Waddell
Simon Johnson
Notes to Editors
SAE Renewables is a global developer, owner and operator of sustainable energy
projects. SAE owns the world's flagship tidal stream project, MeyGen. SAE is
also the owner of the Uskmouth Power Station site that is being repurposed
into a sustainable energy park, initially housing one of the UK's largest
battery energy storage projects. https://www.saerenewables.com/
(https://www.saerenewables.com/)
Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them.
1. Details of the person discharging managerial responsibilities / person
closely associated
1. Graham Reid
a) Name
2. Simon Hirst
3. David Taaffe
2. Reason for the Notification
1. Director
a) Position / status
2. Director
3. PDMR (non-Board) COO
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name SIMEC Atlantis Energy Limited
b) LEI 21380056V967FGHNU187
4. Details of the transaction(s): section to be repeated for (i) each type
of instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
Description of the Financial instrument,
a) type of instrument Ordinary Shares
Identification code (ISIN) SG9999011118
b) Nature of the Transaction Grant of CSOP options
Price(s) Volume(s)
1. 1,000,000
c) Price(s) and volume(s) 1.5p (exercise price)
2. 1,000,000
3. 1,000,000
Aggregated information
d) Aggregated volume Price N/A (Single transaction)
e) Date of the transaction 3 January 2024
f) Place of the transaction Off-exchange
1. Details of the person discharging managerial responsibilities / person
closely associated
1. Graham Reid
a) Name
2. Simon Hirst
3. David Taaffe
2. Reason for the Notification
1. Director
a) Position / status
2. Director
3. PDMR (non-Board) COO
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name SIMEC Atlantis Energy Limited
b) LEI 21380056V967FGHNU187
4. Details of the transaction(s): section to be repeated for (i) each type
of instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
Description of the Financial instrument,
a) type of instrument Ordinary Shares
Identification code (ISIN) SG9999011118
b) Nature of the Transaction Grant of LTIP options
Price(s) Volume(s)
1. 5,000,000
c) Price(s) and volume(s) 1.5p (exercise price)
2. 2,200,000
3. 3,100,000
Aggregated information
d) Aggregated volume Price N/A (Single transaction)
e) Date of the transaction 3 January 2024
f) Place of the transaction Off-exchange
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